and lowered entry thresholds don’t necessarily mean foreign investment will be subject to no, or even relaxed rules and regulation
s. Like in other developed markets, a proper review and supervision will still be in place to monitor the development of the relevant industries.
For instance, in the US, while there is no such limit on foreign equity ownership, the government can
still conduct a review of major foreign transactions and investments in such industries as power generation, telecommunications, shi
pping, banking and media through the Committee on Foreign Investment in the United States (CFIUS), in the name of national security.
Of course, China will be unlikely to set up such a review body like the CFIUS, but
in the context of its accelerated opening-up, it is making its own preparations.
In January, a draft foreign investment law was submitted to the Standing Committee of the N
ational People’s Congress, China’s legislature, for its second review. The fast-tracked review n
ot only reflects China’s eagerness to make legislative preparation for the increased opening-up, but also indicates its
strong determination to open further up to the world and to level the ‘playing fields’ for foreign and domestic companies.
Tian Hongming, 67, has been dubbed the “last blacksmith by the fire” by the people of Changchun, capital of northeast China’s Jilin province.
Having picked up the skill of forging iron at the age of seven from his grandfather, Tian has made a living from the skill for more than half a century.
In the 1990s his business reached its peak, selling more than 80,000 iron products a year, Tian said.
With increaed industsrialization and the cheaper and more intricate iron products it brought however, Tian and his workshop went into decline.
Although fewer customers now choose handmade iron products, Tian sticks to the traditional craft and takes every order seriously.
In 2015 his skill was listed among the city’s intangible cultural heritages.
“Sometimes, the flow-line productions can’t meet the special needs of custo
mers, so the craft will never be replaced,” he said. “And I will continue my business as long as the market and customers need me.”
The Sao Paulo State Symphony Orchestra of Brazil, the first South American symphony to t
our China, will hold a concert at the Shanghai Grand Theatre on the night of Valentine’s Day.
The event also marked the first time the symphony’s female conductor Marin Alsop is involved in a performance in China.
Alsop, who is one of the most prominent students of the late US musician Leonard Bernstein, introduced the symphony’s m
usic style as “accessible with folk elements” and highly rhythmic, which is “a hallmark of the Brazilian music”.
concert program, she added, is perfect for Valentine’s Day as it “begins with lots of fire and ends with lots of romance”.
The concert opened with Bernstein’s Candide Overture, followed by works from Brazilian composer Heit
or Villa-Lobos and Argentine Alberto Ginastera. The second part featured Sheherazade by Russian artist Nikolai Rimsky-Korsakov.
Following its China premiere in Shanghai, Alsop and the Sao Pa
ulo symphony will go on to play in Jinan of Shandong province, Beijing and Hong Ko
ng, where the company will feature as the opening performance for the Hong Kong Arts Festival on Feb 21.
Another three prototypes for China’s first homegrown large passenger jet, the C919, will conduct their maiden flights this year, follow
ing the success of a third one on Dec 28, 2018, according to the Commercial Aircraft Corporation of China Ltd (COMAC), the maker of the jet.
The 104 prototype test aircraft of the China-made C919 has entered its final assembly stage, the 10
5 is undergoing the assembly of major components, and the main components of the 106 are in pro
duction. The maiden test flights for all three new prototype jets are expected to take place before the end of 2019.
The addition of these three would bring the total number of C919 prototype test aircraft to six.
To date, domestic and overseas buyers have placed orders for 815 of the China-m
ade C919 aircraft.Chinese communities around the world welcomed the Year of th
e Pig on Feb 5, ushering in Lunar New Year with prayers, family feasts and shopping sprees.
Celebrations took place across the globe, ranging from Southeast Asia’s centuries-old Chi
nese communities to the more recently established Chinatowns of Sydney, London, Vancouver, Los Angeles and beyond.
Despite China’s ongoing trade war with the United States, Guangdong province, an economic powerhouse, has found new ways to attain sustainable economic development.
In addition to the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, which helped the province maintain its strong growth momentum, inn
ovation in science and technology was the key to sustainable economic growth last year, Wang Ruijun, director-general of
the provincial Department of Science and Technology, told local media recently.
Wang said the provincial government spared no effort to promote innovation after President X
i Jinping urged Guangdong to further develop its innovative industries during last year’s tw
o sessions – the annual meetings of China’s top legislature and advisory body.
Wang said Guangdong has invested more than 4 billion yuan ($593 million) to help build seven provi
ncial-level laboratories and 72 other major scientific research projects to support economic development.
It has also actively integrated its scientific and technological development into the country’s de
velopment plan for major scientific and technological projects, while building the Guangdong-H
ong Kong-Macao Greater Bay Area Innovation Center of Science and Technology, he said.
of major Chinese cities such as Beijing and Shanghai. Smaller cities and even townships are capturing the fastest growth, findings from both payment providers showed.
According to Alipay, the quickest expansion rate in per capita overseas spending was logged in
Zhoushan, a port city in East China’s Zhejiang province, which surged 55 percent year-on-year. It wa
s followed by 50 percent in Weifang, Shandong province, and 44 percent in Lianyungang, Jiangsu province.
In contrast, the growth rate in relatively affluent Beijing, Shanghai and Guangzhou r
eached 27 percent, 30 percent and 24 percent respectively, although they accounted for the greatest outbound spending by volume.
These trends “really highlight how mobile payment is taking root in China’s outbound t
ourism market”, said Chen Jiayi, Alipay’s head of business operation on cross-border business.
WeChat also saw a notable surge in the use of mobile payment in lower-tier cities, with over 40 percent transactions ma
de by residents who work in bigger cities but returned to hometowns for the weeklong annual gathering.
NEW YORK – Residents’ opposition, labor shortage, and technology transfer difficulties are the three main reasons why manuf
acturing companies like Foxconn could not move back to the United States easily, industry insiders and analysts have said.
Being built on a vast 2,800 acres of land in the US State of Wisconsin, the Foxconn plant project is dubbed by US President Donald Trum
p as the “eighth wonder of the world” for the scale of investment, the number of new jobs it promises to brin
g in, and the hundreds of upstream and downstream manufacturing companies that potentially would follow suit.
The company, which makes products for Apple, Sony, Microsoft and Nintendo, among others, in 2017 signed a contract w
ith Wisconsin Economic Development Corporation for the display screen plant worth $10 billion.
According to the contract, Foxconn will build a 21.5-million-square-foot (20-square-k
ilometer) manufacturing campus and hire about 13,000 local workers, and Wisconsin promised to prov
ide an incentive package worth about $4 billion, the largest subsidy offered to a foreign company in US history.
The project moved fast, but problems soon followed. In what local officials describ
ed as the “Foxconn pace,” the plant broke ground in June and soon caused considerable controversy.